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LOS ANGELES (CBS) — Metro says they are buying Union Station for $75 million and will turn the historical landmark into a modern transportation hub.

The Los Angeles County Metropolitan Transit Authority says the purchase will include 38 acres of land and 5.9 million square feet of entitlements that will give MTA the right to develop real estate around the downtown transportation hub.

Metro also plans to have high-speed trains arrive at the station and to expand its retail areas.

“Our purchase of this historic station will enable us to make the needed investments to enable this facility to accommodate greater increases in transit ridership resulting from Measure R transit projects and anticipated future arrival of high-speed rail,” said Metro board chairman and Los Angeles County Supervisor Don Knabe.

About 80,000 passengers go through the station per month. Revenue generated by increased traffic will pay for a chunk of the purchase price, said Roger Moliere, Metro’s real property management and development chief.

The deal is expected to close in April.

The purchase agreement does not include the Axis Union Station Apartments, the Metropolitan Water District Headquarters building, and the office building in front of Union Station on Alameda Street.